Crypto assets should be treated as securities: European Parliament research report | coindesk JAPAN | Coindesk Japan

In a report released on May 30 at the request of a member of the European Parliament, crypto-assets (virtual currencies) should basically be treated as securities, and an autonomous body managing decentralized finance (DeFi). should be given legal status.

The report confirms whether the European Union (EU) will finalize the Crypto Market Regulation (MiCA) and whether additional legislation will be needed covering other areas such as DeFi, staking and NFTs (non-fungible tokens). It was announced when I was considering what to do.

According to the report, all crypto-assets should be considered transferable securities, meaning that unless national regulators dictate otherwise, the strict EU governance and authorizations that apply to traditional stocks and bonds. means that it falls under the rules of

According to the report, commissioned by the European Parliament’s Economic and Financial Committee (ECON) and prepared by a panel of academics from universities in Luxembourg, Sydney and Hong Kong, this basic perception is “gathering technical facts. It will shift the responsibility of discussing regulatory coverage from regulators to industry.”

Given the “difficulty of enforcing the rules in a context of opaque borders” with 10,000 crypto-asset protocols competing for the lightest possible regulation, without any change, “MiCA will It is doubtful whether it will have a positive impact on the economy,” said the study, although it is not the official position of the European Parliament.

The crypto industry has been plagued by uncertainty over whether rules designed for traditional financial securities apply to crypto assets. In the United States, Securities and Exchange Commission (SEC) Chairman Gary Gensler declined to say whether major crypto assets such as Ethereum (ETH) fall under the jurisdiction of the securities. Criticism has been raised against Ripple and other companies that are regulated by legal measures.

With the MiCA signed into law on May 31, EU institutions responsible for banking and securities markets will now have to set detailed rules to bring the MiCA into force. Earlier, the European Systemic Risk Board (ESRB), the EU commission responsible for overseeing financial stability risks, called for new legislation to regulate what is not a MiCA. ing.

British experts are also studying the legal status of decentralized autonomous organizations (DAOs), which the report says could usher in regulation of the sector as a ‘wild west’ of ‘cheaters and thieves’. have a nature.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: Treat Crypto as Securities by Default, European Parliament Study Says